Up to €1 million in credit for small and medium enterprises

Adeje mayor Jose Miguel Rodriguez Fraga and Microbank Managing Director Alberto López

Adeje mayor Jose Miguel Rodriguez Fraga and Microbank Managing Director Alberto López

Good news for small and medium enterprises in Adeje.

Yesterday the council signed an agreement with Microbank with up to one million euros being made available to people in need of loans to maintain or start small businesses.  Companies employing or planning to employ up to 10 persons and with a turnover of €500,000 per annum can apply for the loans through the council and if approved will be given up to €25,000, without the need for guarantees, to be paid back at 8.25 per cent.

The new initiative will, it is hoped, both save and create jobs in Adeje.

Today on English Time, on Radio Sur Adeje, at 1pm,  you can hear an interview in English with both Alberto Lopez from Microbank and  Cesar Garcia Arnal from UPTA, the union of professionals and self employed giving more details of the scheme.